November 5, 2020

Brazil's Minerva forms meat import distribution joint venture with Chinese group

China's Greenland Group has agreed to expand the footprint of Minerva in China through a joint venture with registered capital of 500 million yuan (~US$74.83 million; US$1 = RMB6.682), according to a statement from Greenland earlier this week, Reuters reported.

Greenland said that under the agreement the company will make use of its international trade capabilities, channel distribution, retail chain, and cold chain logistics.

The company, which operate mainly in the real estate market, forecasts total meat imports in the next two years could exceed 4 billion yuan (US$598.62 million).

Minerva declined to comment.

Greenland added that by 2025, the agreement may create China's biggest meat import distribution business, with trade exceeding 10 billion yuan.